111Payment of mortgage money to Public Trustee in case of

111 Payment of mortgage money to Public Trustee in case of absent or unknown mortgagees (1) The Public Trustee may receive money on behalf of a mortgagee or the estate of a mortgagee who: (a) is dead; (b) cannot be found; or (c) is incapable of executing a discharge of the mortgage. (2) The Public Trustee may require a person at whose instance the Public Trustee proposes to exercise the Public Trustee's power under subsection (1) to undertake to indemnify the Public Trustee in respect of the costs or liabilities incurred in connection with or by reason of the exercise of the power. (3) Money received by the Public Trustee under subsection (1) is: (a) for the purposes of the mortgage and section 112, to be taken to have been paid to the mortgagee; and (b) to be held by the Public Trustee on trust for the mortgagee or other person entitled to the money.